$5.5 billion offer expected for Gates Global

A pair of companies is expected to submit a $5.5 billion offer this week to acquire Gates Global Inc, Bloomberg reports.

Denver-based Gates Global, the successor company to Gates Rubber Co., was put on the market by Onex Corp. and Canadian Pension Plan Investment Board. The two companies paid about $4.5 billion in 2010 for Tomkins Ltd., the British engineering firm that acquired Gates in 1996.

Blackstone Group Inc. and TPG Capital are the companies reportedly interested in buying Gates.

Gates Global filed for an IPO in December, but hasn't updated the filing since then.